Deductions and Write-Offs

Reduce Tax Liability

Does buying something of value help me reduce my tax liability? We have earned a substantial amount of money this year and I am wondering if purchases need to be made to reduce our tax liability.


Earn tax-free income.

Maximize deductions.

Maximize tax credits.

Contributing to a retirement account – 401k or IRA.

Opening a health savings account.

Contributing to employer-sponsored plans.

Profiting from investment losses.

Check for flexible spending accounts at work.

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Answer Provided by: CPAdirectory

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